EMBATTLED holiday group MyTravel has sold an America time-share development as part of its planned withdrawal from the States.

The Manchester-based group has sold the Florida-based Oasis Lakes resort and associated development land for £12.7m as it continues with move to slash its £1.1bn bloated debt pile.

The buyer is Bluegreen Vacations, which is listed on the New York stock exchange.

MyTravel will also receive a further £2.4m following the resolution of local planning matters and further construction on the site.

Oasis Lakes had a book value of £12.1m at 31 March 2003, and made a loss for the year ended 30 September of £2m. Earlier this week it was reported that MyTravel has put up its American business for sale. The group is believed to have hired Banc of America Securities to handle the sale which could raise it more m£185m.

It is understood that interested parties have been given financial information on the businesses and told they have up to 10 days in which to make an offer.